Real Estate Market Statistics

June Market Watch 06.07.2010

The Grande Prairie & Area Association of REALTORS® is a not-for-profit organization providing service to almost 280 members across the region.

REALTORS® number over 240, offering services to consumers from more than 30 member Brokerages across the region. There are over 25 Appraisers and a number of Mortgage Professionals, Home Inspectors and Law Firms and other professional organizations who have recently joined as Auxiliary members under the Associations umbrella. “It just makes sense for us to share our resources with our industry partners” says Karen Bilodeau, Executive Officer “we all play a role in the real estate transaction.”

One of the services we make available to our members is the provision of statistics and market reports.  “It’s easy to see the trends when you have all the numbers.” she says.

This year has proven to be interesting to date – home sales have posted a 30% increase year over year; although the numbers for the month of May did decrease from the previous two.

“I think financial incentives, the threat of increasing mortgage rates and changes to mortgage qualification rules caused many buyers to jump into the market a little quicker than they may have otherwise.  This left May with a more relaxed market.”

“We are still seeing increases in the number of listings.  At the end of May there were 2,683 properties listed on our MLS System®” Bilodeau advises.  “We expect to see things start to move again in June, but don’t expect the brisk markets of a couple of years ago.  That’s just not in the cards right now.”

“Average residential prices are up slightly over last year, but as the number of listings increase, the market becomes more and more competitive for vendors. She says “With the latest increase in lending rates and an element of future uncertainty, consumers are being very cautious.”

“There is a lot of competition among vendors right now.  In these market conditions making your home the most attractive purchase for the consumer involves many considerations.  Careful deliberation with your team of professionals and mindful decision making will provide the best results.” advises Bilodeau.  “Buyers are taking their time and looking at all their options.  It’s a real luxury for them to have such a selection; really a great time to buy!” 

“People have forgotten about the Federal Home Buyers’ Plan.  REALTORS® have lobbied the federal government to increase the amount eligible individuals can withdraw from their RRSPS – it is now increased to $25,000.  There are lots of folks out there who could benefit from present market conditions, who have money in their RRSP - they can take out funds for a down payment without being taxed on it provided it’s paid back into the RRSP within 15 years.  There are all kinds of opportunity with this program. 

“Go to http://www.servicecanada.gc.ca/eng/goc/home_buyers_plan.shtml or Google® federal home buyers plan for details.  Personally, I can’t imagine a better time to get into the market.” Bilodeau concludes.